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Asked by Home Seller, Portland, OR Sun May 20, 2012

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12
Home Seller, Home Seller, Portland, OR
Sun May 20, 2012
Thanks for all of the responses! I left a comment on each of them. I think we just have to be patient.
0 votes
Kathleen Cac…, , Portland, OR
Sun May 20, 2012
I am just getting ready to list my house in this price range!
SW Portland near Hillsdale. 4 bedroom , 2.5 bath modern, walking distance to Hillsdale.
0 votes
Thank you , you too!!!!
Flag Mon May 21, 2012
Good luck!
Flag Sun May 20, 2012
cathy.bargov…, Home Buyer, Portland, OR
Sun May 20, 2012
Just started looking today we are targeting 400-450k. What neighborhood are you in?
0 votes
We are in Sylvan. MLS# 12305028. Best of luck to you in your search and I hope that you find your perfect home!
Flag Sun May 20, 2012
Linda Heinri…, Agent, Lake Oswego, OR
Sun May 20, 2012
All good answers here and we have to presume that your agent did their homework and presented a price range that reflects what has sold in your area. Are other homes in the area selling for $450k? How long did it take them to sell?

Other questions - What was the feedback from the Brokers Open? Have you had an Open House yet? Did you have a professional Stager come in to help show your home in the best possible light? If all of these things have been done, then maybe your Realtor can ask a handful of other agents that they know well to come by again and provide their honest opinion based on the comparable properties they used for pricing.

If I had to take a guess, with virtually no information, I would guess that your market is a different range and while your home may be priced right, it is not in the normal range that buyers would normally look for a home in that area i.e. they are looking in the mid threes or above $600k. Hang in there, the market is definitely seeing a lot of buyer activity so your timing is good and once the word gets out you will have some activity.
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We had a brokers open and have had several showings - agents all gave good feedback that we are priced right and show well. The house has stairs so it may not appeal to older buyers or those with young kids. We had it staged and professionally photographed. We did have a pending sale but the buyers decided not to move to Portland and it didn't go through. Thanks for the words of encouragement!
Flag Sun May 20, 2012
HLR, , Oregon
Sun May 20, 2012
I would say all of these folks have good points, lender only loan on a property that will comp out at the price that the buyer offers, or the seller agrees to. So ask your agent to show you all the market in your area that have sold in last 6 months, that's arm length transactions and REO, and short sales, so you can see where your home really falls and, let them tell you where it should fall, not take what you paid for it, put into it and came up with a price. That really does not matter, it's the Comparables that have recently sold and that are currently on the market, and hear what they say, if your not feeling good about how this comes out, then move on to an more experienced local agent that knows how to show you this data.

Best to you, as appraiser for 37 years, in your market area and several areas, the market conditions change all the time, as well as seasonal changes. You need current data.

HLR
0 votes
Thanks, this is helpful!
Flag Sun May 20, 2012
Brandi Erski…, Agent, Clackamas, OR
Sun May 20, 2012
I agree with you Margery. It isn't always price that's the problem so I wouldn't be so quick to drop the price without proof from your agent that in their professional opinion that's what's necessary. Condition maybe? I say be patient and consult with your agent and the buyers agents that have viewed the home. Best of luck!
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We've had 11 showings and actually had a pending sale but it fell through (buyers were from out of state and decided not to come to Portland). That was 2 weeks ago and activity has dropped so I was curious if the market in this price range slowed down all of a sudden. We've not heard any showing agents say that the price is too high and all mentioned that it shows beautifully so we can't figure out what is causing the slump. Our agent did a great job with the market analysis and comps. Could it just be fewer buyers in this range? Too close to a holiday?
Flag Sun May 20, 2012
Lana Lavenba…, Agent, Grants Pass, OR
Sun May 20, 2012
It is very hard to find buyers in that price range- not just as buyers but also for lenders to qualify. I f you are not getting showings - the best thing you can do is to lower the price. In this market - the only cure all is price.
0 votes
Thanks!
Flag Sun May 20, 2012
Mike Papanto…, Agent, Arvada, CO
Sun May 20, 2012
I'm not familiar with your specific market, but I would say that you would want to discuss your pricing with your listing agent. Typically, if a home doesn't get good activity in the first two weeks, especially in a market where there is very little inventory at that price range, it has to do with one of two things, or both.
Pricing is too high for the market or the marketing being done by the agent is not saturating the area. If you listed with a full service agent, they have most likely listed your home in the multiple listing service as well as the many other web sites that are available to the public for viewing properties. If the marketing is good, then it must be pricing. I wouldn't wait much longer to re-evaluate the listing price. Statistics show over and over again that an overpriced home will not only take longer to sell, it will also end up selling for less than it would have had it been priced correctly from the beginning. This is a fact that I'm sure your agent can show you with statistics. Waiting for a buyer to pay more than market value will definitely cost you in the long run.
0 votes
Thanks!
Flag Sun May 20, 2012
CEO Terry Sp…, Agent, Lake Oswego, OR
Sun May 20, 2012
What area do you live in:) if anything I'm experiencing a shortage of quality listings in that price range. Ask your broker for the activity report from this quarter for the RMLS.
It's important you take an honest look at the homes your competing against and be sure yours looks the best and is priced to create activity. would you buy your house today if you where looking at the comparables? I would strongly recommend going and visiting the homes your competing with, there is nothing like a reality check. My markets are very active, there are buyers, good luck.
Terry@luxecir.com
0 votes
Oh my goodness, bring your clients over! Our MLS# is 12305028. Our Realtor has done a great job of analyzing the market and pricing us in line with comps (we did reduce slightly to make sure we are competitive) and we actually had a sale pending but the buyers were from out of state and decided not to come to Portland. Thanks for responding!
Flag Sun May 20, 2012
Marge Bare, Agent, Portland, OR
Sun May 20, 2012
HI Home Seller,
Its hard to answer that question with the information you've given, it depends so much on where your home is located and many other factors, such as how does your home's age, condition, size, and location compare with other homes for sale in your neighborhood. Has it been shown a lot? If it has, then there's buyers in your area for a home in that price range. You may want to look for other reasons, feedback from the showing agents, etc to see why its being shown but no offers. If you've had few or no showings, then that tells you a number of things. Either there's no buyers looking in that range in your area, or there's something that stands out immediately about your home, price or location that's keeping buyers from even looking.
I would add that the price range of $450k is not necessarily in the range of the homes that have been flying off the market with multiple offers lately, so your expectations may have been set too high. A few weeks is not necessarily a long time in the big picture.
Here's 2 suggestions I would make: have you visited other homes for sale in the same price range in your area? Its a great way to see for yourself, what others see. If you can put yourself in the shoes of a buyer (sometimes hard when you're the owner of the home) but it can be helpful to see what else is out there. Ask your Realtor to do weekly reports for you, of what has gone pending. That will show you what others are buying in your general location and you should be able to see patterns emerge. Is everything that's pending, much less than your home? Doesn't mean yours is overpriced but that it may just take longer to sell. What else do the pendings say to you? Maybe drive by a few of them, and see what is attracting buyers in your area. If none are pending, then you have your answer, there's not a lot of buyers for your price range and you'll need to be more patient.
Just some thoughts... wish you the best!
Marge
0 votes
Thanks so much! This is very helpful. You're right, we haven't been on the market very long and we probably just need to be patient. Easier said than done!
Flag Sun May 20, 2012
Juli Gun Mar…, Agent, Lake Oswego, OR
Sun May 20, 2012
Your real estate broker should be able to analyze the sales in your neighborhood and price range during the past six months combined with feedback from buyers who have looked at your house and tell you exactly why your home hasn't sold yet and what to change to get it sold. If it's priced appropriately for today's market, common culprits are ineffective staging, poor photos, and a weak internet marketing program.
0 votes
Thanks!
Flag Sun May 20, 2012
Jennye Helzer, Agent, Portland, OR
Sun May 20, 2012
What area of Portland are you? I've seen strong buying activity all over Portland. Have you been getting showings? What about second showings? Sometimes I provide a little change up, I ask myself if there are things that can be changed with the presentation of the home? Have other homes that are your competition sold?

These are just some areas, to evaluate after being on the market a few weeks or a month. I've also seen homes on the market for a few weeks, and then recieve multiple offers at the same time.
0 votes
We're in the Sylvan neighborhood. MLS# 12305028. We've had good showings and a pending sale that fell through when the out of state buyers decided not to come to Portland. No showings in the past two weeks though. Maybe we just need to be patient?!?
Flag Sun May 20, 2012
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